Trian's move is the latest in a lengthening series of assaults on the world's biggest consumer goods companies by those who think they're too conservatively run.
Trian, which owns about $3.3 billion of P&G stock, said P&G has underperformed relative to its peers and the S&P 500 over the past decade, saying that total shareholder return was less than half that of its peers and has been in the bottom quartile over recent time frames.
However, those efforts have failed to boost the company's stock much beyond the level where it traded at the beginning of this year. Shares closed at $87.10 on Friday, July 17.
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NotPetya was significantly less costly - globally, it cost organizations US$850 million. And the average insured losses range from $762m to $2.1bn.
WCPO Insiders will learn what the looming proxy fight could mean for P&G.
After months of discussions, Peltz's requested to join the board of directors was officially rejected.
"As a member of the board, Mr. Peltz would seek to help the company increase sales and profits, regain lost market share, and address the company's structure and culture, and we believe that he can contribute far more value operating from within the company's boardroom than by merely advising the company from the outside", Trian wrote in its proxy materials.
P&G said in an email on Monday that its board was confident that the changes being made by the company were producing results and expressed complete support for its strategy, plans, and management. The fight will play out over the run up to the company's annual meeting, which is usually held in October.